Nigeria’s merchandise trade surplus fell sharply in the fourth quarter of 2025, as declining crude oil exports combined with rising imports to narrow the country’s positive trade balance.
Data released by the National Bureau of Statistics (NBS) on Monday showed the trade surplus dropped to N1.71tn, down from N3.42tn in the same period of 2024. Despite this decline, Nigeria maintained a positive balance during the year. The NBS noted in its Foreign Trade in Goods Statistics for Q4 2025 that the reduction was “majorly attributable to a decline in crude oil exports.”
Total trade activity during the quarter amounted to N36.21tn, slightly lower than the N36.60tn recorded in Q4 2024, representing a 1.07 percent year-on-year contraction. Exports remained higher than imports but fell considerably compared with the previous year. Total exports were valued at N18.96tn in Q4 2025, down 5.25 percent from N20.01tn in Q4 2024 and 16.88 percent below the preceding quarter. Exports accounted for 52.36 percent of total trade during the period.
Crude oil continued to dominate Nigeria’s export profile, contributing N9.70tn or 51.17 percent of total exports. However, crude earnings fell sharply, declining by 29.60 percent from N13.78tn in Q4 2024. In contrast, exports of other petroleum products rose significantly, reaching N6.12tn, an 80.45 percent year-on-year increase, cushioning the impact of declining crude revenues. Non-crude exports totaled N9.26tn, with non-oil exports contributing N3.15tn or 16.59 percent of total exports.
Imports continued to increase, rising 3.98 percent year-on-year to N17.25tn from N16.59tn. Imports made up 47.64 percent of total trade during the quarter. Machinery and transport equipment accounted for the largest share at N5.13tn (29.75 percent), followed by mineral fuels at N4.52tn (26.19 percent), and chemicals and related products at N2.70tn (15.68 percent).
Regionally, Asia remained Nigeria’s largest import source, supplying goods worth N8.08tn (46.83 percent), followed by Europe at N5.75tn (33.31 percent), and Africa at N696.13bn. China retained its position as Nigeria’s top import partner at N5.39tn, followed by the United States, the Netherlands, India, and Brazil.
On the export side, Europe was the leading destination for Nigerian goods, receiving N6.87tn or 36.24 percent of total exports, followed by Asia at N5.11tn and Africa at N3.41tn.
Maritime transport remained the dominant channel for trade logistics, handling more than 98 percent of exports and nearly 97 percent of imports. Apapa Port led in trade throughput, processing N13.77tn in exports and N8.26tn in imports during the quarter.
